Sales up sharply for John Deere
By Andy BrownMay 24, 2021
John Deere’s construction and forestry division recorded a 36% rise in net sales in the quarter ending May 2, 2021, compared to the same quarter last year, when many countries had implemented national lockdowns due to the Covid-19 pandemic.
The company’s construction and forestry division saw sales of $3.079 billion in the second quarter of the year, up from last year’s $2.256 billion.
The company attributed this to higher shipment volumes, price realization, and the favorable effects of foreign currency translation.
Overall net sales and revenue for the company across all divisions increased by 30% from $9.253 billion in the second quarter of 2020 to $12.058 billion.
John Deere was ranked number six in International Construction’s most recent Yellow Table, which lists the world’s top construction equipment manufacturers by sales.
“With another quarter of solid performance, John Deere closed out the first half of the year on a highly encouraging note,” said John C. May, chairman and chief executive officer. “Our results received support across our entire business lineup, reflecting healthy worldwide markets for farm and construction equipment.”
However, May did warn that supply chain issues could negatively impact growth in the remainder of the year, saying that, “Deere expects to see increased supply-chain pressures through the balance of the year. We are working closely with key suppliers to secure the parts and components that our customers need to deliver essential food production and infrastructure.”